As concerns mount about the future of bitcoin, Ron Paul said Tuesday that the government should not regulate virtual currencies, even as a major exchange collapsed this week, costing traders hundreds of millions of dollars.
“I believe if a digital currency was legitimate, the government should never interfere and close it down,” the former Republican congressman from Texas said in an interview with the Fox Business Network.
This comes as some critics speculate that the future of bitcoin might be in jeopardy after the digital money service’s most popular exchange, Mt. Gox, announced Tuesday it has decided to close trading indefinitely.
That means many people who had money in the site would likely lose their investments, experts say.
At one time, Mt. Gox was the largest platform for traders who wanted to convert bitcoins into cash. But the Tokyo-based exchange was pressured to close down after about 745,000 bitcoins were believed to have been stolen.
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